The rumor of "cutting orders" came to "Brother Guo Chain".

Recently, it was reported in the media that Apple informed Chinese mainland suppliers to reduce the production of AirPods, AppleWatch and MacBook components this season on the grounds of weak demand, and the industry was worried that Luxshare would be greatly affected. On the morning of the 4th, Luxshare dived more than 9% at the opening, approaching the limit, and the lowest price was 28.88 yuan.

The reporter contacted the people in the securities department of the company and got the response that "there is no news to disclose at present, and the company does not comment on specific customers and products. If there is news, it will be disclosed in the form of an announcement." Undeniably, Luxshare's bond with the largest customer has deepened significantly in recent years, and its revenue has reached 74% in 221, and its dependence has increased significantly. However, the warning of Goer's shares being cut is in sight.

Apple's concept stocks plummeted

According to foreign media reports, starting from this quarter, Apple announced that it would reduce the orders of almost all production lines. One of the reasons is that the demand is not strong, and the overall domestic supply chain is still adjusting. It is understood that products that Apple notified domestic suppliers to reduce production include AirPods, AppleWatch and MacBook components.

The report quoted people in the industry as saying that among AirPods, AppleWatch and MacBook components, the main foundries of AirPods and AppleWatch are mainland enterprises. Among them, AppleWatch won most assembly orders from Lixun. It is reported that AirPods was previously operated by the main Goer Acoustics. At the end of last year, it was reported that Apple asked Goer Acoustics to suspend its supply, and it was widely speculated in the industry that it would be transferred to Luxshare. Accordingly, the above report speculated that Luxshare would be greatly affected by Apple's order reduction.

This also caused the secondary market of Apple concept stocks to shake. On the morning of the 4th, Luxshare plunged more than 9% at the opening, and once approached the limit, with the lowest price of 28.67. Meanwhile, the Hong Kong stock Shunyu Optical Technology also fell more than 8%. BYD Electronics fell 3.25%.

The reporter then got in touch with the securities department of Luxshare. The person in the securities department of the company said that there is no news to disclose at present, and the company does not comment on specific customers and products. If there is news, it will be disclosed in the form of an announcement.

It's worth noting that another source said that Apple suppliers have already made trial production of AppleWatch in northern Vietnam, and mass production may be carried out after the trial production is successful. At present, Apple's supply chain has started to produce MacBook in Vietnam and opened a new production line for HomePodMini.

The capital expenditure will be gradually lowered in the next three years

As an important member of the "fruit chain", Luxshare manufactures a variety of products and parts such as mobile phones, headphones and watches for Apple. In recent years, the bond between Luxshare and major customers has gradually deepened. From 217 to 22, the proportion of revenue from the largest customer in Luxshare increased from 37% to 69%, and in 221, it reached 74% again.

Luxshare has always been optimistic. According to the institutional research, there is not much concern about the market consumption ability from the product categories of the major customers it serves. Whether it is the business of structural parts, or the product lines such as healthy wearable consumer electronics, vibration motors and optical display modules, it has strong kinetic energy support and will continue to grow in the foreseeable future.

However, there have been many incidents of Apple's chopping orders in the market before, including Shenzhen O-film Tech Co.,lt being kicked out of the supply chain and Goer's shares being chopped. In recent years, Apple is accelerating the transfer of production from the mainland. By 219, 44% to 47% of the main production bases of Apple suppliers were located in the mainland, but by 22, it had dropped to 41%, and further dropped to 36% in 221. The reason why this proportion continues to decrease is that Apple actively promotes the diversification of the supply chain.

Luxshare recently responded to this. "We will cooperate according to the needs of customers, but from the perspective of the company's development, we should try our best to meet the existing domestic and foreign points when customers allow." However, the company also said that the overall capital expenditure is expected to be gradually adjusted downwards in the next three years.

however, in 222, Luxshare's profitability will remain stable. Luxshare's performance forecast shows that in 222, the net profit returned to the mother was 9.545 billion yuan to 9.899 billion yuan, up 35% to 4% year-on-year, and the non-net profit was 9.219 billion yuan to 9.613 billion yuan, up 53.26% to 59.8% year-on-year.

The growth of car chain business is expected to be over 5%

However, Luxshare is "honest" and actively moves closer to the car chain both in vivo and in vitro to balance the dependence of fruit chain.

In February this year, Luxshare and Chery signed the Strategic Cooperation Framework Agreement, and planned to form a joint venture with Chery New Energy Automobile Co., Ltd. (Chery New Energy) * * * (the company subscribed 3% of the registered capital and Chery subscribed 7%, totaling 1.667 billion yuan), specializing in the research and development and manufacturing of ODM vehicles for new energy vehicles, and further developing Tier1 business.

At the same time, outside Luxshare, Lixun Co., Ltd., the controlling shareholder, signed the Equity Transfer Framework Agreement with Qingdao Wudaokou New Energy Automobile Industry Fund, the largest shareholder of Chery Holdings. The agreement stipulated that Lixun Co., Ltd. would purchase 19.88% equity of Chery Holdings, 7.87% equity of Chery Automobile and 6.24% equity of Chery New Energy held by Qingdao Wudaokou for 1.54 billion yuan.

actually, from the perspective of Luxshare, it has already been deployed in the automotive field, but in the past two years, with the continuous downturn of consumer electronics, the demand for transformation has become more urgent.

as early as 212, Luxshare officially started the business of connecting wires and connectors in the automotive field. At first, Fujian Yuanguang Electronic Equipment Co., Ltd. was the subsidiary company that mainly carried the automobile-related business, specializing in the manufacture of automobile electronic devices and automobile assembly harnesses, plastic parts and other parts.

In p>218, BCS, a Hong Kong affiliate outside Luxshare, acquired ZF's company in China, one of the four international Tier1 auto parts giants. In May of the same year, BCS acquired all the shareholders' rights and interests of Trina Parts held by Trina Company, and became a key enterprise in the auto parts business of Lixun Department. In addition, Luxshare also signed a cooperation agreement with sagitar Juchuang, a leading domestic lidar manufacturer.

Luxshare had previously predicted that the overall growth of the automobile business this year was expected to be above 5%. "In the next five years, if there are no extreme unexpected situations, such as serious core shortage, this trend should still be maintained."